The Saudi Arabia Ministry of Economy and Planning and NEOM Company, an organization engaged in futuristic smart city building in Saudi Arabia, have signed a memorandum of understanding (MoU) to enhance bilateral cooperation.
The MoU also aims at exchanging experiences with regard to supervising and providing the necessary support to economic and statistical activities within NEOM.
The MOU was signed at the Ministry’s headquarters in Riyadh, by His Excellency Faisal F. Alibrahim, the Minister of Economy and Planning, and His Excellency Eng. Nadhmi Al-Nasr, CEO of NEOM Company.
The signing of the memorandum draws upon the Ministry’s extensive experience in activities related to the financial and statistical sectors in all regions across the Kingdom. NEOM Company, the main developer of the giant NEOM project, will benefit from this expertise in the work of the management responsible for implementing the strategy and economic development, thus contributing to maximizing the economic impact and enhancing competitiveness.
Under the MOU, the two parties shall form a steering committee grouping representatives from each side. This committee will be responsible for strategic supervision, cooperation and continuous coordination, to achieve the objectives of the memorandum and review the application of the principles of cooperation between the two parties, in a way that contributes to achieving the goals of NEOM, and attaining economic diversification, one of the main objectives of Saudi Vision 2030.
Recently, NEOM signed an MoU with the global media group SRMG to enhance the media ecosystem of Saudi Arabia and transform NEOM into a world-class production hub.